Tiffany posts Q3 revenue of $959.6 million, stock surged by 2.5%

Tiffany, the US multinational luxury jewelry and specialty retailer, posted lower than expected third quarter sales on Tuesday, but it was still strong enough to fuel its stock value.

Despite third quarter financial results that did not live up to Wall Street expectations, the company’s stock surged by 2.5%, closing at $107.60. Over the past year Tiffany has experienced a 30% rise in its stock rise.

In its third quarter Tiffany, sales in the Americas increased by 10% to $459 million. In Europe, total sales rose 9% to $114 million. Total Asia-Pacific sales rose 2% to $243 million.

However weaker economic conditions in Japan and a lack of demand resulted in Japanese sales dropping by 12% down to $113 million.

Net sales worldwide rose by 8% to $2.96 billion. Net income dropped by 60% to $38 million compared to the same period last year.

Adjusted earnings per share was shy of expectations at 76 percent per share, with analysts predicting 78 cents per share.

Revenue increased by 5.2% to $959.6 million, which was also below expectations of $970.2 million.